Americans' jitters over economy climb
October 26, 2011, Wednesday
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Print Edition
Print Edition
AMERICANS are getting more nervous about the economy.
Consumer confidence fell in October to the lowest it's been since March 2009 when the United States was in the middle of a deep recession, according to a report by a private research group released yesterday.
The New York-based Conference Board said its Consumer Confidence Index dropped more than 6 points to 39.8 in October, down from a revised 46.4 in September. October's reading marked the lowest point since March 2009 when it was at 26.9. Economists surveyed by FactSet had expected a reading of 47. A reading above 90 indicates the economy is on solid footing.
Economists watch consumer confidence closely because consumer spending accounts for about 70 percent of US economic activity. The index measures how shoppers feel about business conditions, the job market and the next six months. It had been recovering since hitting an all-time low of 25.3 in February 2009, but has taken a turn for the worse as Americans worry about stubbornly high unemployment and rising prices for food and clothing.
"Consumer confidence is now back to levels last seen during the 2008-2009 recession," said Lynn Franco, director of The Conference Board Consumer Research Center.
The index is based on a survey conducted from October 1 through October 13 with 5,000 randomly selected households nationwide.
One gauge of the index, which measures how Americans feel about the economy at the time of the survey, fell to 26.3 in October, from 33.3 in September. The other gauge, which tracks shoppers' view of the economy over the next six months, fell to 48.7 from 55.1 in September.
Consumer confidence fell in October to the lowest it's been since March 2009 when the United States was in the middle of a deep recession, according to a report by a private research group released yesterday.
The New York-based Conference Board said its Consumer Confidence Index dropped more than 6 points to 39.8 in October, down from a revised 46.4 in September. October's reading marked the lowest point since March 2009 when it was at 26.9. Economists surveyed by FactSet had expected a reading of 47. A reading above 90 indicates the economy is on solid footing.
Economists watch consumer confidence closely because consumer spending accounts for about 70 percent of US economic activity. The index measures how shoppers feel about business conditions, the job market and the next six months. It had been recovering since hitting an all-time low of 25.3 in February 2009, but has taken a turn for the worse as Americans worry about stubbornly high unemployment and rising prices for food and clothing.
"Consumer confidence is now back to levels last seen during the 2008-2009 recession," said Lynn Franco, director of The Conference Board Consumer Research Center.
The index is based on a survey conducted from October 1 through October 13 with 5,000 randomly selected households nationwide.
One gauge of the index, which measures how Americans feel about the economy at the time of the survey, fell to 26.3 in October, from 33.3 in September. The other gauge, which tracks shoppers' view of the economy over the next six months, fell to 48.7 from 55.1 in September.
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